Snapshot: NEVS AB has declared that they are facing a severe cash issue and looking for some kind of investment.

SAAB, the Swedish auto brand was in trouble back in 2012, when a financial crunch surrounded them, leaving them with no option, but to seek an investor. It was reported then, that the Indian auto manufacturer Mahindra and Mahindra were among the final bidders in the deal, which was finally taken by a Chinese-Japanese Investment Group called NEVS AB (National Electric Vehicle Sweden).

But it seems like, the game is not yet over for M&M and the NEVS AB has declared that they are facing a severe cash issue and looking for some kind of investment. According to a request filed by them at the District Court of Vanersborg, Sweden, a major investor failed to come up with the amount initially promised and hence they require an extension of three months for the reorganization process.

A statement issued by NEVS states that the company is looking for a new investor in two Asian automakers, the names of them, however, can't be not revealed due to non-disclosure agreement. NEVS also reveals that, while one of the investor is interested in buying a controlling stake, the other one is interested in a joint venture.

Interestingly, according to the Swedish daily Svenska Dagbladet, Mahindra is one of the two Asian OEMs in contention and China’s Dongfeng Motor is the other one. Both the OEM's holds a stake in the Peugeot, as the latter owning a part in the Peugeot-Citroen, while the earlier owning the Peugeot Scooters. For Mahindra, who also owns Ssangyong, buying SAAB would give it access to the Swedish automaker’s R&D resources and technologies.